Simon and Hazel deposit 500.00 into a savings account which earns 11% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Solución

Amount : 621.19

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.11}{4})^{4 \cdot 2}

500 (1 + \frac{0.11}{4})^{4 \cdot 2} = 621.19027 \dots

Round to the nearest hundredth:

621.19

Amount : 621.19

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